Considering an offer - advice?

Smelly_Boss

Hi, this is my first post. I hope you don't mind me asking for advice straight away.

We are selling our house and after 6 weeks on the market have had our first offer, but for £20k less than the asking price (on sale at £170k, offer for £150k).

This is just under the minimum amount we had said we could accept, but this is our first time selling a house and I'm scared about rejecting this offer in the current market. It's a cash offer too.

Do you think we should try and negotiate for a little more? Any advice greatly appreciated!

Kez100

Are you selling to buy somewhere else?

Was the £170 a bit on the high side of valuations or realistic?

Do you have any idea what others are selling for locally?

Smelly_Boss

We are going to be building, but moving in with relatives while the building is going on (dreading sharing a house again!). So no upward chain.

The 170k was maybe a touch high, but we had hoped to achieve 160k.

It is a very hard property to compare with locally as it is a listed building, small, unique. We had three agents round to value and they all struggled with valuing it, but we went with an asking price that was middle of the road.

Locally, some places are being snapped up very quickly, while others seem to be on for ages.

ameliarate

I would go back to them and say you were hoping for more and see if they increase the offer. If they are really intrested they will probably be willing to negotiate with you.

sascasjor

Remember though that cash buyers are hard to find and it's much less stressful not to be stuck in the middle of a huge chain! On the other hand, you have to assess whether the amount offered is enough to do with what you plan to. Good luck x

TBeckett100

first offers usually are low, say you want nearer the asking price.

Smelly_Boss

Thanks everyone.

My instinct is that they have put in a low offer and would maybe increase it by a little. Just a few extra thousand would help us so much at this stage.

So far, the majority of replies seem to indicate we should negotiate.

But I'd be gutted if they just said 'forget it then'!

Will continue to think it over....

AMILLIONDOLLARS

agree with TBeckett100 first offers normally come in and low and are often rejected, even in this market! I dont think even they expect to get a £20k reduction in price. Wait for their next bid, if you want £160 say so, I think they'd go for a £10k reduction in price,sounds good to me!!!

AMD

Smelly_Boss

Thaks for your replies yesterday.

We went back and explained our position, and have now agreed a slightly higher offer.

So, if it all goes through smoothly, we have now sold our house.

:beer:

AMILLIONDOLLARS

How much, we're dying to know!!!

AMD

Kez100

Well done for securing that rare entity - a buyer!